Search found 17 matches

by MsTunnelCoin762
Fri Dec 30, 2022 9:08 am
Forum: Canada / United States Tax & Accounting
Topic: Schedule 3 - reporting acquisition date of stock purchased on more than one occasion but sold all at once
Replies: 0
Views: 37147

Schedule 3 - reporting acquisition date of stock purchased on more than one occasion but sold all at once

Hi all, a simple question I think, but one I have not found an answer to (maybe that alone answers my question): If I bought shares of XYZ Corp. on multiple occasions (e.g. some in 2019, some in 2020, some in 2021 and some in 2022), but sold the entire holdings on one occasion in 2022, do I report i...
by MsTunnelCoin762
Mon Mar 21, 2022 5:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 FATCA reporting - custodial account or deposit account
Replies: 13
Views: 11514

Re: Form 8938 FATCA reporting - custodial account or deposit account

RRSPs are, I believe, an "other foreign asset" as opposed to a deposit or custodial account... I can't recall if the sourcing for this conclusion was in this forum, but "other foreign asset" is what I report... The boxes to check are complex as applied to RRSPs... Dig around here...
by MsTunnelCoin762
Mon Mar 21, 2022 5:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Anomalous Maximum and Year-End Values Reported on T1135
Replies: 2
Views: 1480

Re: Anomalous Maximum and Year-End Values Reported on T1135

A tardy thank you here, yes, odd result but yes best defense is play by the rules...!
by MsTunnelCoin762
Thu Mar 10, 2022 6:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Anomalous Maximum and Year-End Values Reported on T1135
Replies: 2
Views: 1480

Anomalous Maximum and Year-End Values Reported on T1135

A quick inquiry, nothing I could find guidance on... In the case of 2021, the maximum US dollar amount of US stocks held in a Canadian non-registered securities account occurred as of the year end statement, and the year end exchange rate was duly applied (Per T1135 instructions) to calculated the Y...
by MsTunnelCoin762
Sat Mar 05, 2022 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: France-sourced dividends and Forms 5000/5001
Replies: 0
Views: 42866

France-sourced dividends and Forms 5000/5001

Hi all, in the interest of being diversified (although I suppose additional purchases of a foreign equity index fund would have been better perhaps, but that is an issue for another forum), I have some French stocks (acquired last year) and the withholding far exceeded the treaty rates (whether US/F...
by MsTunnelCoin762
Sat Mar 05, 2022 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 2945

Re: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

Thank you nelsona, I very much appreciate the response/information, and its clarity!
by MsTunnelCoin762
Thu Mar 03, 2022 8:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 2945

Re: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

Howdy, by "falling short" I meant that the FTC on passive income to which I am entitled per my 1116, and even the FTC on re-sourced income (as calculated through software) is never a full dollar-for-dollar credit (that is, fully equal to the Canadian taxes allocated to that income), with s...
by MsTunnelCoin762
Thu Mar 03, 2022 7:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizenship in 2021
Replies: 4
Views: 2110

Re: Dual Citizenship in 2021

Welcome (belatedly) to Canadian citizenship...!

My two cents, it appears you are intending to ask a question or two but it (they) are not readily apparent from your posting, in the hope of yielding responses you may want to re-phrase in the form of specific inquiries...

All the best!
by MsTunnelCoin762
Thu Mar 03, 2022 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 2945

Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

Hi all, I understand that for purposes of FTC and Form 1116 Cap Gains on stocks are Canadian Sourced and relief from double taxation (although not complete by my experience) for USC filers is by way of use of Form 1116... The question, however, is this: Stocks were sold in 2021(first ever dispositio...
by MsTunnelCoin762
Thu Jul 22, 2021 3:02 pm
Forum: Canada / United States Tax & Accounting
Topic: US renunciation - any impact on 401k; referrals for help?
Replies: 5
Views: 4425

Re: US renunciation - any impact on 401k; referrals for help?

Thank you, very interesting, the characterization of a TFSA, an account owned solely by me with no third party care-taking/custodial-type trustee involved (e.g. overseeing the contents of the account for my benefit) as a trust does seem incongruous, hopefully there will be a Rev. Proc. on point befo...
by MsTunnelCoin762
Wed Jul 21, 2021 1:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Revenue Canada Not accepting my Foreign Tax Claim
Replies: 22
Views: 15575

Re: Revenue Canada Not accepting my Foreign Tax Claim

Per the IRS site (https://www.irs.gov/individuals/taxpayer-identity-verification-information#formataddress): If you have an international mailing address, the only IRS.gov tool for which you can register is the Online Payment Agreement and you must request an activation code by postal mail. Generall...
by MsTunnelCoin762
Wed Jul 21, 2021 12:49 pm
Forum: Canada / United States Tax & Accounting
Topic: US renunciation - any impact on 401k; referrals for help?
Replies: 5
Views: 4425

Re: US renunciation - any impact on 401k; referrals for help?

Good afternoon nelsona, Your response piqued my interest as a dual citizen filer, who has kept away from a TFSA given the common theme of reporting on this issue, i.e., that US citizens should stay away from these given the onerous reporting and lack of deferral of income. Assuming for the moment th...
by MsTunnelCoin762
Sun Jan 03, 2021 9:16 am
Forum: Canada / United States Tax & Accounting
Topic: Pension adjustment - prescribed amount (foreign DPSP) - no contribution during year
Replies: 1
Views: 2104

Pension adjustment - prescribed amount (foreign DPSP) - no contribution during year

This may be particularly esoteric, but perhaps someone has had experience on this issue... Dual citizen for whom a TFSA is not a practical option for retirement savings/planning, interesting in maximizing RRSP contribution room to the extent allowable. Due to participation in a foreign DPSP, a presc...